Fate of Thai economy tied to fate of global economy says World Bank
By Jon Fernquest
In
a press
release
yesterday the World Bank declared that the "Thai economic
recovery
[is] still driven by export growth" (Read press
release). The press release was issued to announce the Thailand Economic Monitor June 2010 which will soon be available for free download online.
Today's article from the Bangkok Post summarizes the findings of the report. The article begins after the vocabulary.
fate - the things
that happen to a person or thing, especially the unpredictable or bad
things that cannot be controlled
X tied to Y - what happens to X depends on what happens to Y
press release - announcements of newsworthy events distributed to newspapers and the media by organisations, the government and companies (See Wikipedia)
World Bank - a bank funded by many rich countries around the world that provides loans for the purpose of reducing poverty (See Wikipedia)
economic recovery - when the economy gets better after an economic downturn (employment and incomes increase)
X driven by Y - X caused by Y
findings - information discovered or uncovered during research or expert opinions formed from this research
X tied to Y - what happens to X depends on what happens to Y
press release - announcements of newsworthy events distributed to newspapers and the media by organisations, the government and companies (See Wikipedia)
World Bank - a bank funded by many rich countries around the world that provides loans for the purpose of reducing poverty (See Wikipedia)
economic recovery - when the economy gets better after an economic downturn (employment and incomes increase)
X driven by Y - X caused by Y
findings - information discovered or uncovered during research or expert opinions formed from this research
Economics
World Bank: Thai economy vulnerable
Growth at risk from external factors25/06/2010
Parista Yuthamanop
The Thai economy will be highly vulnerable to global economic conditions as confidence in the domestic economy has been dampened by political turmoil, says the World Bank.
The world economic recovery contributed largely to the country's stronger-than-expected economic growth in the first quarter, which helped offset the impact of local political unrest on the economy earlier this year.
vulnerable
(adjective) - easily damaged or harmed ซึ่งถูกทำลายได้ง่าย
risk - a danger, the possibility that some bad event might happen ความเสี่ยง
X at risk - a risk that X may fail exists
factors - one of the things that effects a situation or event ปัจจัย
external factors - factors outside the country
global - throughout the world ทั่วโลก
confidence - feeling sure about something ความมั่นใจ
domestic - within the country ภายในประเทศ
dampened - weakened ทำให้หมดกำลังใจ ท้อแท้
turmoil - disorder and chaos การจราจล, ความปั่นป่วน
recovery - when the economy starts to get better after an economic downturn or recession (with more jobs and higher incomes) การฟื้นฟูสภาพ
expected - believe will happen คาดว่า (จะเกิดขึ้น)
quarter - 3 months of the year
first quarter - the first three months of the year, a period of time used by government and companies for budgeting and financial reporting
offset - move in the opposite direction, reduce by moving in the opposite direction, counter-balance, compensate in the opposite direction ("x offsets y" means "x reduces the effect of y"), make up for (profits from the manufacturing business offset losses from the retail business) (See glossary)
impact - an effect or influence ผลกระทบ
local - in or related to the area that you live, or to the particular area that you are talking about ท้องถิ่น
risk - a danger, the possibility that some bad event might happen ความเสี่ยง
X at risk - a risk that X may fail exists
factors - one of the things that effects a situation or event ปัจจัย
external factors - factors outside the country
global - throughout the world ทั่วโลก
confidence - feeling sure about something ความมั่นใจ
domestic - within the country ภายในประเทศ
dampened - weakened ทำให้หมดกำลังใจ ท้อแท้
turmoil - disorder and chaos การจราจล, ความปั่นป่วน
recovery - when the economy starts to get better after an economic downturn or recession (with more jobs and higher incomes) การฟื้นฟูสภาพ
expected - believe will happen คาดว่า (จะเกิดขึ้น)
quarter - 3 months of the year
first quarter - the first three months of the year, a period of time used by government and companies for budgeting and financial reporting
offset - move in the opposite direction, reduce by moving in the opposite direction, counter-balance, compensate in the opposite direction ("x offsets y" means "x reduces the effect of y"), make up for (profits from the manufacturing business offset losses from the retail business) (See glossary)
impact - an effect or influence ผลกระทบ
local - in or related to the area that you live, or to the particular area that you are talking about ท้องถิ่น
The economic growth forecast of 6% this year was due in part to last year's low base, when the economy contracted by 2%.
Both public and private investment were below forecasts in the first quarter and were expected to weigh down growth, increasing vulnerability to global demand.
forecast
- a statement by experts about what will happen in the future based on
information available now พยากรณ์, คาดการณ์
last year's low base - a place from where an activity can be planned ฐานที่มั่น
contracted - became smaller, shrunk
investment - taking your money and putting it into projects to make a profit or earn interest (buying stock shares, bonds, real estate)
weigh - to have an important effect of influence มีผลต่อ
weigh down growth - slow down growth (like a heavy object)
vulnerability (noun) - weak and easily harmed
demand - the need and desire to buy goods and services by households and businesses
last year's low base - a place from where an activity can be planned ฐานที่มั่น
contracted - became smaller, shrunk
investment - taking your money and putting it into projects to make a profit or earn interest (buying stock shares, bonds, real estate)
weigh - to have an important effect of influence มีผลต่อ
weigh down growth - slow down growth (like a heavy object)
vulnerability (noun) - weak and easily harmed
demand - the need and desire to buy goods and services by households and businesses
Near-term growth remains driven by manufacturing, logistics and tourism, which is linked to external demand," said Frederico Gil Sander, an economist at the World Bank office in Bangkok.
But the economy is highly vulnerable to external shocks. The economic recovery in advanced economies is not completed.
term
- a period of time
near-term - in the near future
X remains Y - X is still Y, has not changed
logistics - the activity of transporting goods, storing them in warehouses and tracking where they are (being sent from one place to another) การขนส่งสินค้า (See Wikipedia and previous article)
linked - connected เชื่อมโยง
external shocks - negative effects on the economy from outside the country
near-term - in the near future
X remains Y - X is still Y, has not changed
logistics - the activity of transporting goods, storing them in warehouses and tracking where they are (being sent from one place to another) การขนส่งสินค้า (See Wikipedia and previous article)
linked - connected เชื่อมโยง
external shocks - negative effects on the economy from outside the country
Strong first-half exports were due in part to inventory restocking, a factor that should dissipate in the second half of the year. Belt-tightening measures in Europe to solve fiscal problems should temper external demand.
With the economy's fate tied to external conditions, growth is projected to slow to 3.6% next year.
inventory
- goods that a company has bought and stores in a warehouse for future
use or sale สินค้าที่จัดเก็บในสต๊อก (See Wikipedia)
factor - a fact or situation which influences the result of something ปัจจัย
dissipate - disappear and go away slowly
measures - actions taken to deal with a problem มาตราการ
belt-tightening measures - spending less money (here: the government spending less money)
fiscal - connected with the government budget and spending เกี่ยวกับงบประมาณ
fate - the things that happen or will happen to someone in the future ชะตากรรม
projected - the amount that experts believe (forecast, expect) for the future
factor - a fact or situation which influences the result of something ปัจจัย
dissipate - disappear and go away slowly
measures - actions taken to deal with a problem มาตราการ
belt-tightening measures - spending less money (here: the government spending less money)
fiscal - connected with the government budget and spending เกี่ยวกับงบประมาณ
fate - the things that happen or will happen to someone in the future ชะตากรรม
projected - the amount that experts believe (forecast, expect) for the future
The easy growth factors of base effects, reactivation of existing capacity and inventory restocking in Thailand and abroad will be exhausted after the first half of 2010," said Mr Sander. "Sectors linked to domestic demand are likely to grow even slower than in the past due to continued political uncertainties in 2011.
capacity
- the greatest number of goods that can be produced with existing
factories and labour (resources) ความสามารถในการ (ผลิต)
reactivation of existing capacity - get existing factories back in operation (after being shut down or losing jobs during the recent global economic slowdown)
inventory restocking - producing goods and storing them in warehouses to meet the future demand of consumers
exhausted - used up, quantity falls so that none exist anymore
domestic demand - the need and desire by households and businesses inside the country to buy goods and services
reactivation of existing capacity - get existing factories back in operation (after being shut down or losing jobs during the recent global economic slowdown)
inventory restocking - producing goods and storing them in warehouses to meet the future demand of consumers
exhausted - used up, quantity falls so that none exist anymore
domestic demand - the need and desire by households and businesses inside the country to buy goods and services
Although the political upheaval has had a limited effect on the economy this year, it is likely to have a significant social impact given the employment figures. The farm sector employs 40% of the workforce and it will likely suffer from drought and a decline in rice prices.
Also, a weak euro affects tourism, as Europeans account for one-third of visitors.
limited effect - a
small effect
significant - large enough to be important or have an effect ที่สำคัญยิ่ง
significant social impact - changes society in a big way
employment figures - statistics and numbers describing how many people have jobs or are out of work
sector - a part of a country's economic or business activity ภาค (เศรษฐกิจ) (public sector = government, private sector = all businesses, household sector = families and consumers, banking sector,...) (See Wikipedia)
workforce - all the workers in an economy or a company แรงงาน
suffer - to experiencea difficult situation
drought - a period of time when there is very little rain and water available ความแห้งแล้ง (See Wikipedia)
weak euro - a euro that is worth less compared to the currencies of other countries such as Thailand (this means that Thai exports to Europe are more expensive and that the income of Europeans buys less exports from other countries, both of these factors can reduce demand for Thai exports)
X accounts for Y% of Z - X is Y% of Z
significant - large enough to be important or have an effect ที่สำคัญยิ่ง
significant social impact - changes society in a big way
employment figures - statistics and numbers describing how many people have jobs or are out of work
sector - a part of a country's economic or business activity ภาค (เศรษฐกิจ) (public sector = government, private sector = all businesses, household sector = families and consumers, banking sector,...) (See Wikipedia)
workforce - all the workers in an economy or a company แรงงาน
suffer - to experiencea difficult situation
drought - a period of time when there is very little rain and water available ความแห้งแล้ง (See Wikipedia)
weak euro - a euro that is worth less compared to the currencies of other countries such as Thailand (this means that Thai exports to Europe are more expensive and that the income of Europeans buys less exports from other countries, both of these factors can reduce demand for Thai exports)
X accounts for Y% of Z - X is Y% of Z
Thailand should consider strengthening the service sector with high-paid jobs such as research and development, medical tourism and design as a way to boost the domestic economy, he said. It should also raise productivity in the farm sector to offset the impact of labour moving to the service sector.
The service sector in Thailand underperforms compared to its peers," said Mr Sander.
development
- the gradual growth and formation of something
boost - to increase; to strengthen เพิ่ม; ทำให้มีกำลังมากขึ้น
productivity - producing more with the same amount of inputs (labour, energy, etc) การผลิตสินค้า
peers - people, organisations or even countries at the same level and position but in a different place เพื่อนร่ีวมสาขาอาชีพ
boost - to increase; to strengthen เพิ่ม; ทำให้มีกำลังมากขึ้น
productivity - producing more with the same amount of inputs (labour, energy, etc) การผลิตสินค้า
peers - people, organisations or even countries at the same level and position but in a different place เพื่อนร่ีวมสาขาอาชีพ
Mathew Verghis, lead economist for Southeast Asia at the World Bank, said investor confidence would be minimally affected by political factors unless there was a resurgence of political violence.
China's move to abandon the yuan peg to the dollar could benefit foreign direct investment to the country as it is part of regional supply chain.
lead economist - the
head economist in a group of economists
investor - a person or organisation that puts money into a company in exchange for a future profit นักลงทุน
X minimally affected by Y - Y only had a small effect on Y
resurgence - a new increase of activity or interest in a particular subject or idea which had been forgotten for some time การฟื้นคืน, การกลับสู่สภาพ
violence - physical force that causes damage to property or injury or death to people ความรุนแรง
abandon - to stop doing an activity เลิก
pegged exchange rate, fixed exchange rate - when the value of a country's currency is tied or matched to the value of another single country's currency or a combination of other countries' currencies (See Wikipedia)
yuan peg - the way that China's currency (the Yuan) is tied to the movement of other currencies
benefit - to get help or an advantage from something ผลประโยชน์
Foreign Direct Investment (FDI) - investing directly in production in another country, either by buying a company there or establishing new operations of an existing business (See The Economist's Glossary)
regional - one part of a country (Isan region) or one part of the world (ASEAN region)
supply chain - all the processes involved in making and selling a product (procuring raw materials, parts, manufacturing, transporting, warehousing)
investor - a person or organisation that puts money into a company in exchange for a future profit นักลงทุน
X minimally affected by Y - Y only had a small effect on Y
resurgence - a new increase of activity or interest in a particular subject or idea which had been forgotten for some time การฟื้นคืน, การกลับสู่สภาพ
violence - physical force that causes damage to property or injury or death to people ความรุนแรง
abandon - to stop doing an activity เลิก
pegged exchange rate, fixed exchange rate - when the value of a country's currency is tied or matched to the value of another single country's currency or a combination of other countries' currencies (See Wikipedia)
yuan peg - the way that China's currency (the Yuan) is tied to the movement of other currencies
benefit - to get help or an advantage from something ผลประโยชน์
Foreign Direct Investment (FDI) - investing directly in production in another country, either by buying a company there or establishing new operations of an existing business (See The Economist's Glossary)
regional - one part of a country (Isan region) or one part of the world (ASEAN region)
supply chain - all the processes involved in making and selling a product (procuring raw materials, parts, manufacturing, transporting, warehousing)
(Source: World Bank: Thai economy vulnerable, Growth at risk from external factors, 25/06/2010, Parista Yuthamanop, link)
